OFFITBANK VARIABLE INSURANCE FUND INC
NSAR-B, 1997-05-29
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<PAGE>      PAGE  1
000 B000000 03/31/97
000 C000000 0000927289
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE OFFITBANK VARIABLE INSURANCE FUND, INC.
001 B000000 811-8640
001 C000000 2127589600
002 A000000 125 WEST 55TH STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 OFFITBANK VIF-HIGH YIELD FUND
007 C030100 N
007 C010200  2
007 C020200 OFFITBANK VIF-EMERGING MARKETS FUND
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 OFFITBANK
008 B00AA01 A
008 C00AA01 801-000000
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10022
010 A00AA01 BISYS FUND SERVICES LIMITED PARTNERSHIP
010 B00AA01 8-00000000
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
011 A00AA01 OFFIT FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-00000000
011 C01AA01 COLUMBUS
011 C02AA01 OH
<PAGE>      PAGE  2
011 C03AA01 43219
012 A00AA01 BISYS FUND SERVICES, INC.
012 B00AA01 84-0000000
012 C01AA01 COLUMBUS
012 C02AA01 OH
012 C03AA01 43219
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
018  00AA00 Y
019 A00AA00 Y
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019 C00AA00 OFFITVIFFU
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022 A000001 BANK OF NEW YORK
022 B000001 13-5160382
022 C000001    356454
022 D000001         0
022 A000002 CHASE MANHATTAN INVESTMENT SERVICES, INC.
022 B000002 13-3112953
022 C000002    169137
022 D000002       727
022 A000003 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000003 13-2741729
022 C000003      2811
022 D000003         0
022 A000004 DEUTSCHE MORGAN GRENFELL/C.J. LAWRENCE INC.
022 B000004 13-2730828
022 C000004      1177
022 D000004       740
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005      1866
022 D000005         0
022 A000006 MORGAN (J.P.) SECURITIES INC.
022 B000006 13-3224016
022 C000006      1464
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022 A000007 BEAR STRARNS & CO. INC.
022 B000007 13-3299429
<PAGE>      PAGE  3
022 C000007      1707
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022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000008 13-5674085
022 C000008      1553
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022 A000009 SMITH BARNEY INC.
022 B000009 13-1912900
022 C000009      1230
022 D000009         0
022 A000010 ING BARING (US) SECURITIES INC.
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022 D000010       245
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<PAGE>      PAGE  4
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
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054 I00AA00 N
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054 K00AA00 N
054 L00AA00 N
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054 O00AA00 N
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<PAGE>      PAGE  5
077 G000000 N
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080 A00AA00 RELIANCE INSURANCE CO.
080 B00AA00 N/A
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015 A000101 BANK OF NEW YORK
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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070 F020100 N
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070 G020100 N
070 H010100 N
070 H020100 N
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070 I020100 N
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070 J020100 Y
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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015 A000201 CHASE MANHATTAN BANK
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
063 A000200   0
063 B000200  7.5
064 A000200 N
070 A010200 Y
070 A020200 Y
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070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
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070 K020200 N
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070 M020200 Y
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070 P010200 N
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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SIGNATURE   MICHAEL SAKALA                               
TITLE       ASSISTANT TREASURER 
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 01
   <NAME> OFFITBANK VIF-HIGH YIELD FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-START>                             APR-01-1996
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                            17877
<INVESTMENTS-AT-VALUE>                           17876
<RECEIVABLES>                                      779
<ASSETS-OTHER>                                    7453
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   26108
<PAYABLE-FOR-SECURITIES>                           878
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          116
<TOTAL-LIABILITIES>                                994
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         25082
<SHARES-COMMON-STOCK>                             2421
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            8
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             25
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<ACCUM-APPREC-OR-DEPREC>                           (1)
<NET-ASSETS>                                     25114
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  782
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     105
<NET-INVESTMENT-INCOME>                            677
<REALIZED-GAINS-CURRENT>                            25
<APPREC-INCREASE-CURRENT>                          (1)
<NET-CHANGE-FROM-OPS>                              701
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          677
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           2459
<NUMBER-OF-SHARES-REDEEMED>                        107
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<NET-CHANGE-IN-ASSETS>                           25081
<ACCUMULATED-NII-PRIOR>                              0
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<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.78
<PER-SHARE-GAIN-APPREC>                           0.37
<PER-SHARE-DIVIDEND>                              0.78
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.37
<EXPENSE-RATIO>                                   1.15
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 02
   <NAME> OFFITBANK VIF-EMERGING MARKETS FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   8-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-START>                             AUG-28-1996
<PERIOD-END>                               MAR-31-1997
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<INVESTMENTS-AT-VALUE>                            3509
<RECEIVABLES>                                      497
<ASSETS-OTHER>                                     441
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    4447
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          101
<TOTAL-LIABILITIES>                                101
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          4273
<SHARES-COMMON-STOCK>                              422
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                           12
<OVERDISTRIBUTION-NII>                               0 
<ACCUMULATED-NET-GAINS>                             11
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                      4346
<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                       0
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<NET-INVESTMENT-INCOME>                            121
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<NET-CHANGE-FROM-OPS>                              200
<EQUALIZATION>                                       0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     73
<AVERAGE-NET-ASSETS>                              2353
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.48
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.30
<EXPENSE-RATIO>                                   1.50
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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